1. YPF increases expenditure to increase VacA Muerta shale production
YPF, Argentina’s national oil company, plans to invest more than $1.5 billion in neuken Province, where VacA Muerta shale resources are located, in order to increase crude oil and unconventional gas production. The company aims to increase crude oil production by 56% and unconventional gas production by 70%.
YPF said earlier this month that nearly 80% of its planned $2.7 billion investment will be used to increase oil and gas production and activities, up 73% from 2020. At that time, the company planned to invest $1.3 billion in unconventional oil fields to drill more than 180 new wells.
2. Eni group acquires leading biogas producer to promote net zero emission
Eni spa, Italy’s energy group, said on March 22 that it would buy the biogas producer fri El biogas holding. The deal is part of Eni’s broader decarbonization strategy, which aims to eliminate all emissions from industrial processes and products by 2050 and achieve net zero emissions.
Under pressure from investors to protect the environment, Eni recently promised to reduce oil production and reduce greenhouse gas emissions by 80% from 2025.
3. Annova stopped development of the Brownsville LNG Export Project in Texas
Annova LNG said on March 22 that it had stopped developing the proposed LNG Export plant in Brownsville, Texas, due to changes in the global LNG market.
Analysts expect global LNG demand to grow by about 3% to 5% annually in 2021-25, which is far below the annual growth of 11% to 12% in 2017-19.
4. Equinor and its partners make major oil discoveries on the Norwegian continental shelf
Norwegian national oil company equinor and its partners V å renergi, Idemitsu petroleum and Neptune energy have made major oil and gas discoveries on the Norwegian continental shelf (NCS). It is preliminarily estimated that the discovered oil equivalent is between 12 million and 19 million standard cubic meters, equivalent to 75 million to 120 million barrels of recoverable oil equivalent. This is the largest discovery so far in the region this year.
5. BP abandons reserve replacement rate as strategic performance target
British Petroleum (BP) said in London on March 22 that BP has abandoned the replacement rate of oil and gas reserves as one of its key performance indicators, highlighting BP’s ambitious plan to become a comprehensive energy company through renewable and low-carbon energy investment.
Earlier this year, BP said it would reduce oil and gas production by 40% by 2030, while increasing investment in renewable energy by $5 billion a year over the same period, which is 10 times the current level of low-carbon energy investment.
6. Suez Canal accident, tanker jam, oil price rebound
On Tuesday local time, a 400 meter long freighter ran aground on the Suez Canal, causing two-way traffic jams and blocking crude oil transportation. Foreign media said that at least 100 ships, including oil tankers, have been blocked.
The Suez Canal is one of the busiest maritime trade routes in the world and is crucial for the transportation of oil and gas. Through the canal, oil tankers transport Middle East crude oil to Europe and the United States. The canal is also an important transportation channel between the North Sea and Asia.
Oil prices rebounded slightly on Wednesday, with WTI and Brent crude oil rising more than 3 percent at one time, but analysts generally believe that the Suez Canal news will only have a short-term impact.
7. Total works with Shenneng group to sell LNG in China
On March 23, total signed a binding cooperation agreement with Shenneng group, a leading energy company headquartered in Shanghai. According to the agreement, total will supply 1.4 million tons of liquefied natural gas (LNG) to Shenneng group each year and establish a joint venture with Shenneng group to expand its LNG sales in the Chinese market.
8. Natural gas discovery by beach energy
Beach energy, an Australian oil and gas exploration and production company, announced the discovery of natural gas in artisan 1, Vic / p43 block near Otway basin, Victoria
Post time: Mar-25-2021